Biomass Pellets Market Poised to Register 8.0% CAGR through 2029 | Future Market
Posted by Vijay Kundekar on March 17th, 2020
Future Market Insights’ new market research report titled, 'Biomass Pellets Market: Global Industry Analysis 2014–2018 and Opportunity Assessment 2019–2029', investigates the biomass pellets market, and provides critical insights for the forecast period 2019 to 2029. As per the findings of the report, the global biomass pellets market is projected to experience significant growth over the forecast period, because of multiple driving factors such as increasing utilization of biomass pellets in coal-fired boilers in industries, and also in commercial and domestic heating applications.
The global biomass pellets market was valued at around US$ 9 Bn in the year 2018, and is expected to expand at a CAGR above 8% over the forecast period of 2019-2029. Several government policies are being implemented across geographies that are favoring the utilization of efficient bio-fuels such as biomass pellets as a replacement for fossil-based fuels. This has significantly created demand for biomass pellets, and this demand is expected to grow at a very high rate over the forecast period.
East Asia Projected for Significant Growth Opportunities
Over the past years, Europe has been one of the key prominent regions in terms of the production and consumption of biomass pellets. However, other regions such as East Asia have emerged as lucratively growing regions in the global biomass pellets market. This has resulted from the significant growth of the markets in East Asia countries such as China, South Korea, and Japan.
China is one of the prominent hubs of industries and that use coal-based boilers. This creates ample opportunities of demand for biomass pellets that can be used as a replacement or co-fired with coal in these industries.
Furthermore, the demand in South Korea and Japan for biomass pellets has witnessed a significant hike over the past years. As a consequence, East Asia, as a whole, projects significant growth opportunities for the global biomass pellets market over the forecast period.
Sales of Wood Sawdust-Derived Biomass Pellets to Remain Prominent
The market has been segmented on the basis of different sources of biomass pellet production and on the basis of their multiple end uses, besides the seven prominent regions of the world.
Biomass Pellets Market: Vendor Insights
The report highlights some of the market players that are prominent and have established themselves as leaders in the global biomass pellets market. Some of the examples of the key players in this market are Drax Biomass Inc., Enviva Partners, LP, German Pellets GmbH, AS Graanul Inves, Pinnacle Renewable Energy Inc., and Abellon CleanEnergy Limited, among others. These players have a diverse set of biomass pellet offerings for industrial, commercial, as well as domestic applications. These players also participate actively in the trade of biomass pellets to reach international markets, and develop by acquiring a diverse clientele across geographies.
Source Link: https://www.globenewswire.com/news-release/2019/05/23/1841455/0/en/Biomass-Pellets-Market-is-expected-to-expand-at-a-CAGR-above-8-over-the-forecast-period-of-2019-to-2029-Future-Market-Insights.html
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Mr. Abhishek Budholiya
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About the AuthorVijay Kundekar
Joined: August 22nd, 2019
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